Reliance Industries (RIL) has announced a joint venture with Abu Dhabi National Oil Company (Adnoc) to build a petrochemical production facility in Abu Dhabi. The two companies “will construct an integrated plant, with capacity to produce 940 thousand tonnes of chlor-alkali, 1.1 million tonnes of ethylene dichloride and 360 thousand tons of polyvinyl chloride (PVC) annually,” an RIL statement said. While the financial details of the deal were not disclosed, RIL said the “final investment decisions for the projects and awards of related EPC contracts are being targeted for 2022”.
The announcement is in line with the “internationalisation of Reliance” strategy mentioned recently by RIL chairman Mukesh Ambani while addressing the company’s 44th annual general meeting. The process of internationalisation started with chairman of Saudi Aramco Yasir Al-Rumayyan joining RIL’s board as an independent director, and Ambani had then said “you will hear more about our international plans in the times to come”.
